Question(s) for the O/O's out there

Discussion in 'Experienced Truckers' Advice' started by Goothva, Sep 14, 2016.

  1. HardlyWorkingNeverHome

    HardlyWorkingNeverHome Heavy Load Member

    709
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    Mar 18, 2008
    Hamden,CT
    0
    baba booey
     
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  3. Goothva

    Goothva Light Load Member

    73
    23
    Aug 24, 2011
    Mansfield, Ohio
    0
    it wasn't until after my most recent msg that i saw there is a section for that, my apologies
     
  4. Ruthless

    Ruthless Road Train Member

    7,687
    75,035
    Aug 28, 2010
    The City.
    0
    LLC as a sole proprietor is a disregarded entity.
    You pay personal income tax on monies paid to you i.e. Money you've released as cash without purchase receipt or profit that has not been expenses out.

    Basically you gross $100, spend $65 on business expenses, pay yourself $25 and leave $10 in the bank for business profit: you'll pay income tax on $35.
    That's the general idea, everybody has a different situation and tax obligation.
     
    rank Thanks this.
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